The dollar continued to weaken against the euro and sterling on expectations that the Fed may cut its benchmark rates by at least 25 basis points on September meeting. The euro hovers above the 1.36 level and approached 1.3680 versus the dollar, while the sterling climbed to as high as 2.0140 against the dollar.
Two stronger-than-expected US economic reports had little impact on the market. Durable goods orders rose 5.9% in July, well above the estimate of 1.0% and a previous reading of 1.3%. US new home sales unexpectedly rose from 834k to 870k, beating the forecast of 820k.
However, a single report did little to the market perception of the nation’s housing market. The CEO of Countrywide, America’s biggest home loan lender, said yesterday that weak housing sector may lead to economic recession.
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